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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Artemis Alpha Trust Plc | ATS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 3.00 | 0.85% | 356.00 | 16:35:21 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 358.00 | 358.00 | 360.00 | 356.00 | 353.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 21/12/2023 12:50 by sphere25 Interesting commentary here:"UK investors are driving in the rain Daniel Kahneman established the concept of "loss aversion", which is a cognitive bias impacting decision-making under uncertainty. The simple notion is that basic survival instincts impact human nature meaning that the pain of loss is felt more highly than the pleasure of an equivalent gain. Kahneman's demonstrated loss aversion with New York taxi drivers in the rain. A taxi driver earns more per hour when it is raining than when it is sunny and there is less demand. The price of a driver's leisure is therefore lower when it is sunny. Counterintuitively, Kahneman found that taxi drivers work harder when it is sunny and less when it is rainy. This is because low income on a sunny day feels like lost income. The same concept explains why golfers statistically make fewer successful putts for birdie than for par. A bogey feels like a loss, whereas a par does not. The concept of loss aversion is widely applicable to financial markets where volatility in prices creates loss aversion. Customers in a supermarket will buy more goods when they are on sale, but investors in a stock market do the opposite. Investment trusts discounts widen after markets fall and fund outflows are highest after markets decline, not before. Our view is that loss aversion is impacting behaviour in UK equity markets following poor and weak absolute and relative performance. One clear indicator is the fact that there have been over £76bn in outflows from UK funds since 2016. Another is the near halt in the market for initial public offerings after a boom in 2021." I like to read things like this. It clearly depends on the state of the market too. When Covid was spreading and then Putin too, it is hard to not go into survival mode. That is what I do, let all the stops get hit and just lob anything that looks weak. Batten up the hatches and hunker down. It really is a case of minimising losses to stay in the game. Sometimes trading with a survival instinct is good too - keep the trading losses small and love to take small losses. But now that the market is beaten up with depressed valuations and more bullish moves spreading, yes, perhaps market participants now need to worry less about "loss aversion". That is not to say risk management shouldn't continue to rule the roost, but clearly the risk skews favourably as valuations, sentiment and flows move positively. Talking of risk management and "loss aversion", note how the VIX is rising, even as markets continue moving higher. Maybe a signal that some profit taking in the US and the likes of the 250 here are due soon? Plenty of overbought in the bigger caps. But hey, this is my two pennies worth, but I found that commentary a nice different way of putting things out there. All imo DYOR |
Posted at 30/4/2018 19:30 by robow from Investment Trust InsiderThree trusts gunning for change for the better A more straightforward proposition lies at Artemis Alpha Trust (ATS), a ‘best ideas’ fund from Artemis Fund Managers that has gone badly off the boil in recent years as bets on unlisted companies and resources stocks have not paid off. At 320p the shares trade 18% below NAV, a huge discount that reflects investor disenchantment with the performance under managers Adrian Paterson and John Dodd. The shares offer a potential recovery situation after the company announced Paterson would retire and be replaced by Artemis’ rising star Kartik Kumar who has cut his teeth helping run its Strategic Assets fund. The board also signalled its desire to improve the trust’s rating by overhauling its fees and giving shareholders the chance to sell shares at NAV in three years time. This could help help to narrow the gap between the shares and their asset value if performance improves. |
Posted at 19/4/2017 11:06 by galeforce1 Good to hear from another investor.The 'Top 10' holdings are interesting. He's definitely been right on the smaller asset managers like Polar and Liontrust. And he's been right on Hurricane. He has probably also been right on Gleeson, though it's not something I'd want to hold directly. And Avation is a great company that has done well. Aircraft leasing out of Singapore (I think). I don't know anything about Gresham, but I have heard good things about that company. 37% financials is quite punchy. |
Posted at 19/4/2017 09:56 by galeforce1 The discount here is too big. About 21.5% yesterday (from the mid-price).John Dodd is a very experienced investor. If the trust continues to perform well the discount should come down to more like 10%. I've bought a few with this year's ISA. |
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